The question is really how much the Fed will pull back.

Stay Connected

Stocks advanced slightly today as investors hold off on big moves until the Fed releases its decision.

Today at 2 p.m., the Fed will release its policy decision and predictions for economic growth. Half an hour later, Ben Bernanke will deliver a press conference on the latest Federal Open Markets Committee meeting. Today, we will find out whether the Fed will tighten monetary policy, and by how much. Most economists expect to see a small reduction in the Fed's monthly level of asset purchases. A faster-than-expected pullback could, however, send investors for the hills.

Stock futures were slightly higher this morning while Asian and European indices posted gains. Before the opening bell, Dow (INDEXDJX:.DJI) futures were up 0.04% at 15,471. Futures contracts on the S&P 500 (INDEXSP:.INX) gained 0.07% to 1,699.50 and Nasdaq (INDEXNASDAQ:.IXIC) futures rose 0.24% to 3,191.75. Gold prices fell 0.75% at $1,299.60/oz.

Housing starts fell slightly in August and missed expectations as higher interest rates weighed on the housing market. The rate at which homebuilders broke ground on new homes fell to an annualized 891,000, down from 896,000.

FedEx (NYSE:FDX) shares rose 2.9% today after the company delivered better-than-expected earnings. The world's largest air freight carrier, a bellwether company for the world economy, reported earnings of $1.53 per share, beating expectations by $0.03.

Dollar Tree (NASDAQ:DLTR) rose 3.51% in the pre-market after the discount retailer said that its board approved $2 billion in stock buybacks.

Adobe Systems Inc (NASDAQ:ADBE) shares rose 5.3% this morning despite reporting that fiscal third quarter profit fell to $0.32 from $0.58 a year ago. The upside was that it is added subscription users. Adobe is transitioning from selling software packages to allowing graphics professionals to use its products in the cloud for a monthly fee. The number of Creative Cloud users rose 331,000 to 1.03 million over the quarter.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.